"Venezuela is a sovereign nation and enjoys complete, permanent sovereignty over its natural resources and all economic activities within its territory", Chinese Foreign Ministry spokesperson Mao Ning said at a press conference on 7/1.

Mao accused the US of "brazenly using force against Venezuela and demanding that Venezuela relinquish its oil resources under an 'America first' policy".

China's statement followed President Donald Trump's announcement that Venezuela would hand over 30-50 million barrels of sanctioned oil to the US for sale at market prices, though no specific timeframe was given. He added that the proceeds would be under his control as US President "to ensure they are used for the benefit of the Venezuelan and American people".

"This is a typical act of bullying, a serious violation of international law, a severe infringement on Venezuela's sovereignty, and a grave detriment to the rights of the Venezuelan people", Mao said.

Chinese Foreign Ministry spokesperson Mao Ning at a press briefing in 2/2024 in Beijing. *Photo: AFP*

The Venezuelan government has not yet commented on the plan to transfer oil to the US.

President Trump previously stated he wanted Venezuela's Interim President to grant the US and its companies full access to Venezuela's oil industry. ABC News, citing three sources familiar with the plan, reported that the US demanded Venezuela agree to exclusive cooperation with the US on oil production and prioritize the US when selling crude oil. The US also required Venezuela to remove Cuban, Iranian, Russian, and Chinese companies from its oil and gas operations and sever economic ties with these nations.

Venezuela possesses approximately 303 billion barrels of crude oil, accounting for about 17% of the world's oil reserves, yet its extraction output represents only 1%. This is due to US sanctions and decades of mismanagement, but also partly to the nature of Venezuelan oil itself, which is difficult and costly to refine.

Venezuelan crude oil accounts for about 4% of China's total oil imports, and Beijing is Caracas's largest oil customer. However, Venezuela currently has millions of barrels of oil stored on ships and in tanks, unable to be transported abroad due to export bans imposed by the US since mid-12/2025.

Ngoc Anh (According to Reuters, AFP, CNN)